OPEC's decision to make a U-turn and agree to cut oil production is a response to budget issues, particularly in Saudi Arabia, Marc Ostwald, Global Strategist at ADM Investor Services, told Radio Sputnik. The 14 members ofOPEC held a meeting inAlgiers onWednesday, where some ofthe world's largest oil producers unexpectedly agreed tocut production ...

Oil prices settled up nearly 6 percent on Wednesday after OPEC sources said the group has struck a deal to limit crude output at its policy meeting in November, its first agreement to cut production since the market crashed two years ago on oversupply.   The Organization of the Petroleum Exporting Countries reached agreement to limit its ...

As OPEC countries gather in Algiers on Wednesday to discuss how to stabilize the oil market, Saudi Arabia has resorted to political grandstanding against Iran. The American news agency Bloomberg took up the task on Tuesday to set the Saudi agenda, claiming that the kingdom was open to compromise with Iran. It cited Saudi Energy Minister Khalid ...

TEHRAN, Sept 28 (Shana) Minister of Petroleum Bijan Zanganeh says Algeria talks prepare the ground for agreement. "Agreement between the OPEC and certain non-OPEC members will prepare the ground to overcome problems," said Zanganeh in an interview before start of the OPEC consultative session. He said Algeria talks are highly valuable for proximity ...

Iran on Tuesday rejected a proposal from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supplies, dashing market hopes that the two major OPEC producers would find a compromise this week to help ease a global glut of crude. Iraq is leading a mediation to bring the viewpoints of Saudi Arabia and Iran closer, in order to get out ...

  TEHRAN, Sept 27 (Shana) Minister of Petroleum Bijan Zanganeh met and conferred with Russian Energy Minister Alexander Novak. Zanganeh had separate meetings with senior OPEC officials after a lecture in the International Energy Forum on Tuesday. Zanganeh met Algerian Prime Minister Abdelmalek Sellal and Iraqi Minister of Petroleum Jabar ...

  Algiers, Sept 27 (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh met with the Managing Director of Frances energy giant Total Patrick Pouyann on the sidelines of the International Energy Forum in Algiers.Also present in the meeting was Stephane Michel, Totals president of Middle East and North Africa. Bijan Zanganeh also met and ...

Iran says it has no intention to forge an agreement with other major crude producers to freeze its oil output at current levels. Irans Petroleum Minister Bijan Zangeneh told Bloomberg that the country is still determined to raise its crude production to pre-sanctions level of 4 million barrels a day. Zangeneh emphasized that the Wednesday ...

TEHRAN, Sept 27 (Shana) Minister of Petroleum Bijan Zanganeh says oil is not an arm to be used for harming the rivals. Oil is not an arm and it should not be used as a lever to harm the rivals and materialize political objectives, said Zanganeh in an address to the First specialized session of the International Energy Forum (IEF) in Algiers on ...

TEHRAN, Sept 27 (Shana) Minister of Petroleum Bijan Zanganeh met and conferred with Algerian Prime Minister Abdelmalek Sellal and Iraqi Minister of Petroleum Jabar Ali al-Luaibi on the sidelines of the 15th session of the International Energy Forum (IEF) in Algeria on Tuesday. The sides talked about oil market conditions. The OPEC members are ...

Irans media say the countrys Oil Minister Bijan Zangeneh will attend the 15th Ministerial meeting of the International Energy Forum (IEF) which will open in Algiers on 26 September. Shana news agency, affiliated to Irans Ministry of Petroleum, said in a report that Zangeneh will deliver a speech in the first session of the Forum which will ...